SE Asia Stocks-Most down; Philippine shares retreat on profit-taking

martes 9 de septiembre de 2014 03:58 GYT

HANOI, Sept 9 (Reuters) - Most Southeast Asian stock markets
declined by midday on Tuesday, led by the Philippine benchmark
that retreated from a 15-month high on profit-taking.
    The Philippine SE Composite Index dropped 0.8 percent
as investors took profits after a 4.4-percent rise over the past
six sessions and amid market expectations of monetary
    The Philippine central bank is likely to tighten policy for
a fifth straight meeting to rein in inflation, a Reuters poll
showed, but views are divided on which tools it will use.
    "Local rates are expected to be raised by 25 bps, but mostly
to offset inflation," said Manny Cruz, a Philippines-based
strategist at Asiasec Equities, adding that the move is not
necessarily negative to the stock market.
    Property firm Ayala Land led the decline, falling
2.89 percent from a more than 15-month high hit in the previous
    "We expect profit-taking in Ayala shares to continue until
next week," Cruz said.
    The Philippines is now the region's second-best performer,
while its price-to-earnings is Southeast Asia's highest at
21.55, compared with 14.02 of Singapore, the lowest.
    The city-state's FTSE Straits Times Index 
outperformed the broader market with a 0.31 percent advance,
lifted mostly by banking stocks.
    Singapore, which is lagging behind the region's rising
trend, is expected to pick up soon due to the favourable
conditions of a low interest rate and positive outlook, said a
Singapore-based trader with DBS Vickers Securities.
    All markets except Singapore and Malaysia have posted yields
to date of more than 20 percent, Reuters data showed.
    Indonesia's Jakarta SE Composite Index lost 0.71
percent amid expectations of potentially higher fuel prices
after a cut in subsidies. 
    But Indonesian shares have received net inflows from
foreigners for four straight sessions, lifting the index to a
record high close for the second time in a month.
    Vietnam's benchmark VN Index tumbled 2.2 percent on
profit-taking after gains that lifted the index past a high of
more than five years. 
    Malaysia and Thailand were almost flat.
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 Change at 0718 GMT
 Market             Current     Prev Close    Pct Move
 TR SE Asia Index*   445.83        448.93       -0.69
 Singapore          3345.64       3335.19       +0.31
 Kuala Lumpur       1872.09       1871.09       +0.05
 Bangkok            1583.44       1584.77       -0.08
 Jakarta            5209.35       5246.48       -0.71
 Manila             7256.50       7314.94       -0.80
 Ho Chi Minh         625.77        639.85       -2.20
* The Thomson Reuters South East Asia Index is a
highly representative indicator of stocks listed in Indonesia,
Malaysia, the Philippines, Singapore, Thailand and Vietnam.

 (Reporting by Mai Nguyen; Editing by Anupama Dwivedi)